When your introductory mortgage deal comes to a close, your mortgage lender may offer you a newer, revised deal to stay with them. In the mortgage market, this is known as a product transfer.
It is worth noting that you are under no obligation to take this deal, and if you do not wish to stay with the same lender, you don’t have to. There is a high chance that there is a better deal out there through another lender, one that is more beneficial for your personal and financial circumstances. It’s just the case of finding that perfect deal for you, which is where your Mortgage Broker in Manchester is able to help.
As nice as the idea may sound, lenders will not reward you for your loyalty. You could have been a customer for 5 years, 10 years, 50 years, it really makes no difference. Lenders are even known for offering new First Time Buyer customers better rates than they offer to existing customers. Once you’re sweet talked and on the books, they move onto the next applicant.
This is another reason why it is worth shopping around and looking for more competitive deals. You can either do this by yourself or get the help from an expert Mortgage Advisor in Manchester. As a trusted mortgage broker in Manchester, we have a large variety of different lenders on panel that we can access and search through, in order to find you the most appropriate and favourable mortgage deal.
We find that most of the time, our customers can get better rates and they are missing out on them because it’s more ‘convenient’ to stay with the lender you already know and are using.
Whilst the process of swapping to a new deal with your current lender may be easy online, we always believe it is incredibly beneficial to see what other deals you may be eligible for. Lenders will also tempt you to go with a new deal online without taking any professional mortgage advice, leaving some customers aware they could have had a better deal.
The lender not providing advice to online switches is rather dangerous, as without professional advice, you are basically waving goodbye to all the valuable consumer protection you would otherwise have benefitted from. Rushing into something like this headfirst is the worst thing to do. Please take a step back and analyse all of your options prior to making a final decision.
Customers who get in touch with us for mortgage advice in Manchester will benefit from a Free Mortgage Consultation. Once we have your information keyed in, we will pass you onto a Mortgage Advisor in Manchester who will talk you through all of your mortgage options and work with you to try and ensure you walk away with the best deal available to you, based on your individual circumstances.
We have seen numerous examples of customers being affected these “follow-on” deals and ending up being locked into an inappropriate deal. Lenders like it when you choose not to go with advice, as it invalidates future complaints due to you going about things your own way. In their minds, this way you only have yourself to blame.
We have seen this happen in the past with our customers. In one case, we saw someone declined for a small further advance, which was intended to fund some necessary home improvements a few months later. This customer then had to pay a rather large early repayment charge to swap to a new lender who would grant her those additional funds.
It may be a given that we would recommend using a mortgage broker in Manchester, but we only do so with the intent of making sure you are fully equipped for the mortgage process. If handled without a mortgage advisor to back you up, you could find yourself in a sticky situation. Our team have your best interests at heart!
This doesn’t necessarily mean that we will tell you to switch. If your best option is a product transfer, we will recommend that you take action and take up the deal whilst it is still available to you.
In short, even if your requirements seem straightforward, we always recommend you take mortgage advice in Manchester. A second opinion costs nothing and making a mistake when taking a new product can cost you dearly.
The remortgage market is highly competitive. Savings can often be made by searching the market for a new deal. Getting help from an experienced Mortgage Advisor in Manchester could be your best option, especially if your financial or personal circumstances have changed since your first go around.
If you require further product transfer advice or Remortgage Advice in Manchester, feel free get in touch with your Mortgage Broker in Manchester.